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International Banking

Outward Remittances

This has been very tightly controlled, with payments restricted to imports under a government issued Import License, or approval by the Central Bank. This is being eased up as the Government sees the need to meet business and individual requirements. The authority to approve transactions is slowly being delegated to the banks, who need to ensure that there is a legitimate business reason and supporting documentation for outward remittances. This is in line with the recent foreign investment law.
 
  • Imports
  • Services/Fees
  • Profit
  • Trade Finance
import

Imports are done under an Import License, either through DC/LCs or by TT.

 
services

The government now allows payments for services and fees to be paid. This used to have to be approved by the Central Bank.  This has now been passed to Banks.  Provided we are satisfied that the transactions are legitimate we can authorize them.

 
profit

The recently passed Foreign Investment Law allows foreign companies to repatriate profits after all taxes are paid. In addition capital can be repatriated in the event a company is closed.

 

Tun commercial bank offers all banking services to cater to the requirement of customers engaged in any Trade Finance related activities. Customer can contact the Trade finance desk at the bank for detailed information

√ All Export/Import related services
√ Letter of Credit issue
√ Bank Guarantee issue
√ Documentary bills collection/Discounting

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